Mirum Pharmaceuticals, Inc. (MIRM) FY2025 10-K Annual Report
Mirum Pharmaceuticals, Inc. (MIRM) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 25, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Mirum Pharmaceuticals, Inc. FY2025 10-K Analysis
Business Overview
- • Core biopharma focused on rare diseases with three approved medicines: Livmarli, Cholbam, Ctexli
- • Acquired asset portfolios in 2023-2026: Travere’s bile acid medicines and Bluejay’s brelovitug for hepatitis D treatment
- • Strategic expansion into chronic HDV with brelovitug advancing in global Phase 3 AZURE program, topline data expected H2 2026
- • Livmarli approved in multiple countries for ALGS and PFIC; pursuing expanded indications with EXPAND Phase 3 study (results Q4 2026)
- • Brelovitug Phase 2 showed 100% virologic response at 48 weeks, granted FDA Breakthrough and EMA PRIME designations
Risk Factors
- • Regulatory risk CREATES Act compliance, sample provision obligations for generics under December 2019 law
- • Geopolitical/macro exposure in EU and U.S. orphan drug exclusivity potentially shortened by EU legislative proposals
- • Operational risk integration of Bluejay assets/employees critical to brelovitug development, potential disruption if integration fails
- • Competitive risk several companies including Shionogi and Harmony Biosciences developing therapies for fragile X syndrome
- • Financial risk dependence on key personnel amid fierce competition for talent in Foster City, CA with 369 full-time employees
Mirum Pharmaceuticals, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$521M
▲ +54.7% YoY
Net Income
-$23M
▲ +73.4% YoY
Operating Margin
-4.2%
▲ +2176bp YoY
Net Margin
-4.5%
▲ +2162bp YoY
ROE
-7.4%
▲ +3155bp YoY
Total Assets
$843M
▲ +25.7% YoY
EPS (Diluted)
$-0.47
▲ +74.6% YoY
Operating Cash Flow
$56M
▲ +440.7% YoY
Source: XBRL data from Mirum Pharmaceuticals, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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